Ronald Read
The Janitor Who Left $8 Million. 1921 to 2014.
Who he was
Ronald Read worked at a gas station and later as a janitor at a JCPenney in Brattleboro, Vermont. He drove a used car and cut his own firewood.
When he died in 2014 at 92, he left about $8 million, most of it to the local library and hospital.
The compounding lesson
Read bought shares of well known dividend paying companies and almost never sold. He held some positions for more than 50 years.
He reinvested the dividends. His stock certificates filled a safe deposit box.
How he did it
No special knowledge and no high income. Just a very long holding period and spending far less than he earned.
He read the Wall Street Journal at the library rather than paying for it.
What to copy
You do not need a big salary to compound. You need time and the discipline not to interrupt it.
Dividends reinvested for 50 years do most of the work.